Trump and FBI Declare War on the $50B Overseas Scam Networks Stealing From U.S. Families

WASHINGTON, DC - OCTOBER 21: Federal Bureau of Investigation (FBI) Director Kash Patel speaks during a roundtable discussion on cybercrime in the East Room of the White House on October 21, 2026 in Washington, DC. President Trump hosted the roundtable focusing on combating cybercrime and foreign criminal networks exploiting Americans. (Credit: Photo by Alex Wong/Getty Images)

The Briefing

• President Trump gathered top Cabinet officials at a White House roundtable on Oct. 21, revealing FBI data showing Americans reported more than $20 billion in cybercrime losses in 2025 while the administration has already prevented $1.6 billion in additional fraud this year.
• The FBI's Operation Blackout has seized roughly $17 billion tied to overseas scam compounds — including a joint Dubai operation that produced 276 arrests and a Madagascar mission that dismantled 13 Chinese-linked facilities.
• The Homeland Security Task Force has frozen approximately $833 million in cryptocurrency connected to foreign scam networks and seized 503 fraudulent investment websites, with officials framing the $50 billion annual threat as a national security emergency.